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Will Bill To Expand Gambling in Illinois Be Approved?

Will Bill To Expand Gambling in Illinois Be Approved?

It seems that Rep. Bob Rita is determined this time to get legalized gambling expanded in Illinois. The state lawmaker has now offered the General Assembly two options regarding this matter.

The first option is that a casino would be built in Chicago which will be state-owned offering 10,000 spots for gamblers. Here, the city and the state will split the revenues evenly. The second option is to authorize a few smaller casinos in Lake Winnebago, Chicago’s south suburbs and Vermillion of 1,200 spots each with a 4,000 spot casino in Chicago.

Rita believes that his bill will succeed since he is offering two different options which will generate a vast amount of money for the regions as well as the state. This bill will also determine how the gambling revenue can be spent at the state level such as on capital construction projects, pensions and education.

Meanwhile, supporters of the previous bills estimated annual revenue at between $400 million and $1 billion. The five-casino expansion won legislative approval twice since 2011. Unfortunately, they were opposed by Democratic Gov. Pat Quinn.

Quinn’s opposition came as she felt that there were insufficient steps taken to safeguard issues with organized crime as well as to limit the contributions for campaigns from these gambling operations.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.